O.A.P with debt worries, please help.

[goldenoldie447]

Hello there,

 

My first time on here talking but I have had many a tip from here before.

 

I am in a terrible state and worrying myself sick about debts.

After my husband died 2 years ago I have slowly gotten into a mess with borrowing and I'm now at a point where I can no longer do this.

 

However,

I own my house outright

(apart from having around a third of it owed to an equity release company who will take the money when I die)

 

I am really worried as my son told me if I am in debt and even if they are unsecured,

these companies can make me sell the house and put a charging order on it or make me bankrupt.

 

I really don't want all of this at my age and it is making me quite ill.

 

This is what I owe.

Natwest loan £12000

Natwest overdraft £2000

Wonga £1500

Lending Stream £700

Ferratum £300

Myjar £120

Very £2000

Littlewoods £800

Isme £600

Aqua Card £500

Argos Card £1000

 

As you can see it is a lot.

 

But I want to continue paying Natwest as normal and my overdraft is in an agreement where it is reducing every month.

 

If I could put all of the other debts into one basket, I would be able to carry on comfortably. It is those smaller ones that are crippling me.

 

Would entering into a debt management plan be an option for me?

 

I am so worried about this it is making me sick.

 

I am so worried about going bankrupt or losing my house.

[dx100uk]

how about contacting national debtline.

 

they might be best suited

or you could also involve age concern

 

payday loans at your age!!

 

 

dx

[citizenB]

The NatWest loan and the overdraft are the two main (priority) debts you need to keep on top of - the others you should be able to negotiate into reduced/pro rata payments and hopefully with frozen interest.

 

As advised by dx.. speak with National Debtline and have them help you produce a common financial statement. Once you have done this, you can then write to the PDL companies with one or our draft letters or one from the ND library.

 

National Debtline

 

Call us free on

0808 808 4000

 

Monday to Friday

9am to 9pm

Saturday 9.30am to 1pm

 

 

With regards to the equity release - did you do this with a reputable company ?

[renegadeimp]

So much for being good lenders huh dx

[goldenoldie447]

Thank you.

 

Yes my son was quite shocked to learn about those loans he says they should only be for people who work but I didn't know.

 

The Ferratum one is a slight worry because my son can't seem to find out anything about them and there is no customer log on so I don't know how to stop the payments.

 

I will talk to national debtline and see what they say.

 

I am still very worried about them getting their hands on my house.

[Bazooka Boo]

Ha ha ha, Ferratum, ''A Responsible direct lender''

 

https://www.ferratum.co.uk/

 

How are you paying these fleecers?

YOU are in control NOT them.

[renegadeimp]

Thank you.

 

Yes my son was quite shocked to learn about those loans he says they should only be for people who work but I didn't know.

 

The Ferratum one is a slight worry because my son can't seem to find out anything about them and there is no customer log on so I don't know how to stop the payments.

 

I will talk to national debtline and see what they say.

 

I am still very worried about them getting their hands on my house.

 

They cannot touch your house unless they get a charging order or make you bankrupt. Both are unlikely to happen.

[goldenoldie447]

Oh dear god I have just been looking on the internet at charging orders and I have seen hundreds of people saying this happened to them. They were in a debt management plan and out of the blue a court letter came and then a charging order. The people had to attend court. I am so worried about this I will end up having a heart attack.

[dx100uk]

that's VERY unlikely

 

don't think any PDL has ever done that.

 

go make those calls

9/10 people are worrying about nothing.

 

esp the DCA involvement.

 

they are NOT BAILIFFS

[renegadeimp]

Why worry about court. It is unlikely to happen and its not criminal. It is nothing like you see on tv.

 

The dcas prey on people like you and gope you fall for their lies and tricks to get you to pay them whatever they ask.

[Bazooka Boo]

Yes please you have NOTHING to worry about.

 

There is nothing insurmountable here, it can and will all be sorted out.

[goldenoldie447]

Thank you all. I am now about to type up a letter to my bank manager telling him to cancel the continual payment authorities for the loans plus an direct debits that may have been set up.

From reading on here it does seem that the banks sometimes refuse so I was wondering if someone could be so kind as to draft a quick letter for me as to what I should say. I want him to think I know what is what.

I know there are continuous card payments set up for wonga, lending stream, ferratum, and myjar.

I thought maybe best to instruct the bank first before asking the companies in case they try to grab any money from my account as soon as they think I'm in trouble.

Thank you for all the help.

[goldenoldie447]

And also, my son says that although I list those companies on my letter, they could actually be called something else when they take the payment and get around it. Is this true?

[citizenB]

And also, my son says that although I list those companies on my letter, they could actually be called something else when they take the payment and get around it. Is this true?

 

Yes, that is a problem with the PDL companies.. they are so darn sneaky - have you already made payments using hte CPA ? If so, perhaps you could look at your statements to see under what cloak they took the last payments ?

 

With regards to the letter cancelling the CPA - There is a good sample letter for withdrawing CPA in the Nat Debt link below.

 

https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Withdraw-your-continuous-payment-authority-from-payday-loan-company-%28sole-name%29.aspx

 

^^^^^^^^

That is for the lender.

 

And for the bank - you will need to use the one from the following link.

 

https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Withdraw-your-continuous-payment-authority-from-your-card-issuer-%28sole-name%29.aspx

 

Hope this helps

[goldenoldie447]

Thank you.

They have all used my card before except Ferratum. So I am unsure about them

Lending stream came up as two different spellings on two separate occasions.

[goldenoldie447]

I have sent that letter to my bank manager so I hope that he will stop those payments. Also I have filled in a budget sheet could you please tell me if this is acceptable thank you.

Edited September 5, 2014 by citizenB

[dx100uk]

that I&E sheet is for YOU

never send it to anyone!

 

dx

[goldenoldie447]

Oh I see.

So how do I prove my situation so that they will all accept lower payments without taking me to court?

[dx100uk]

certainly the PDL loans are your main issue

 

it would not hurt IMHO

 

to write a letter outlining your situation with basic I&E details [nothing too specific]

 

asking as a pensioner in dire trouble

 

they consider writing off the debts through server hardship.

 

dx

[siteghost]

Why would you want to carry on paying the NatWest loan and overdraft?

 

They are just two more debts.

 

Get a bank account with someone you don't owe any money to

and have your benefits and pension paid in there and shift your DDs and STOs over.

Including your Natwest loan means that there will be more money available for the other creditors

who will in general be harder to deal with than NatWest.

 

Unless you enjoy letters and legal tussles,

I suggest that a DMP is exactly the right solution for you.

Talk to National Debtline or StepChange, they are both charities and won't rip you off.

 

 

Lenders are much more likely to freeze interest if you do supply an Income & Expenditure statement. The one you posted doesn't seem to have the Nat West loan or some of your other debts?

 

 

As others have said , it is VERY VERY VERY unlikely that a judge would give an order for sale on your house or that you will be made bankrupt. This isn't going to happen unless you ignore letters about debts.

 

 

Going to Stepchange will mean they deal with your creditors and you just make one payments a month to them.

[Bazooka Boo]

This isn't going to happen unless you ignore letters about debts.

 

It isn't going to happen anyway.

 

Dealing with this matter is best dealt with yourself with the help and advice off here.

 

Whilst Stepchange CAB and other charities will help, they won't even ask if the agreements and debts are legally enforceable,

least of all if you should be paying them anything, and they won't reclaim all of the fees/charges and interest added on these debts.

[goldenoldie447]

Right thank you for that.

I was looking at some companies that could do all the work for me and then I just pay them each month. I saw one called debt aid ltd and it looked good the only thing is they would charge over £30 a month for my debts to be dealt with by them.

 

I will try to do this myself but I will admit the stress is killing me off.

I sent my letter to the bank registered post and they signed for it on Friday so I am hoping this means all payments are now blocked.

I will send emails off to the loan people today also telling them to cancel my card payments.

 

What would then be my next step please? Do I send a letter to them all with my incomings and outgoings and an offer of payment?

I just thought if a professional company was doing it on my behalf they would be less likely to refuse and fob me off but then I don't really know.

 

Thank you again for the advice with this.

[Bazooka Boo]

Please please please DO NOT use any company that charges you for doing very very little.

 

If you don't feel able to do it yourself, then by all means use a charity based debt management company.

 

OK, you have done your OWN I&E sheet, so YOU know what comes in and goes out each month, therefore YOU tell them

what it is that YOU will pay them.

 

There are a number of letter templates you can use here http://http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?405-Debt-Collection

 

I would possibly start with this one first, http://www.consumeractiongroup.co.uk/forum/showthread.php?387436-Letter-for-consideration-regarding-Hardship-or-Financial-Difficulty

[citizenB]

If you feel you cant cope with this yourself, then speak to Citizen Advice Bureau, Stepchange or Payplan... do NOT go with a fee charging Debt Managment Company.

[Wintry]

Hi

 

Just following on from others

 

Useful information below on DMPs, free providers etc & self managing that might be worth a read

 

https://nedcab.cabmoney.org.uk/remedy_4.asp

 

Best Wishes

 

 

W